Gathered Foods’ Good Catch brand has secured USD 32 million in funding – including a large investment from General Mills’ 301 INC venture fund.
Gathered Foods, which makes Good Catch plant-based seafood analog products, will have the opportunity to continue its expansion in the United States and the United Kingdom with USD 32 million (EUR 29 million) in new funding.
Gathered Foods obtained an undisclosed amount from General Mills’ 301 INC venture fund, USD 5 million (EUR 4.5 million) from Greenleaf Foods, and other investors.
”When we met the Good Catch team, we were immediately captivated with their mission to develop more sustainable plant-based seafood products that taste as delicious as traditional seafood," 301 INC Managing Director John Haugen said in a statement. "Good Catch stands out as a strong, expandable brand with passionate leadership, and we're excited to partner to grow.”
Chicago, Illinois-based Greenleaf Foods owns plant-based protein brands Lightlife and Field Roast Grain Meat Co.
“Plant-based seafood is a promising and relatively untapped segment of the plant-based protein market which we believe means there is terrific growth potential,” Greenleaf Foods President Dan Curtin said in a statement. “Investing in Gathered Foods, an innovative company committed to developing sustainable plant-based seafood products that taste delicious, is an excellent fit with both our business strategy and our sustainability goals.”
New York City-based Gathered Foods plans to use the USD 32 million to help expand global distribution of its plant-based seafood products, launch new products, and complete construction of its manufacturing facility. Gathered Foods is building a 42,500-square-foot facility in Heath, Ohio, dedicated to the production of plant-based foods. It expects to open the facility this March.
Good Catch’s products are distributed in 4,000 stores in the U.S. and will be available in the U.K. in early 2020. They are sold in chains such as Target and Whole Foods Market.
“We’ve seen great interest from retailers as we expand our footprint throughout the U.S. and internationally," Good Catch CEO Chris Kerr told SeafoodSource in December. "From the consumer standpoint, we have experienced an incredible response to our products and have seen the excitement around the plant-based industry grow tremendously.”
Photo courtesy of Gathered Foods
